Evaluating Best Practices: Managing Quality, Speed, Flexibility and Information as an Asset
Contemporary Issues in Leadership and Management / MM 590
October 16, 2006
Managing Quality, Speed, Flexibility and Information as an Asset
In the business industry today companies do not have the option of cutting corners when it comes to quality, speed, flexibility and managing information as an asset. Businesses are born, growing or dieing off every day. If a company desires to grow it must ensure that all facets of its operations and processes updated, run efficiently and managed effectively. This paper will evaluate five best practices used to manage quality, speed, flexibility and manage information as an asset. The best practices identified will be evaluated for their strengths and weaknesses. The paper will also identify companies that use the best practices acknowledged in this paper and cover how they use the different processes to their benefit. The best practices identified through the research on managing quality, speed, flexibility and information used as an asset will be used to evaluate and make recommended changes to Home Depot's existing practices.
Businesses are expanding globally everyday requiring them to develop different ways to adapt to the changing business environment and to maintain a competitive edge in their industry. Only a few short years ago businesses focused primarily on cutting costs, restructuring and re-engineering as a means of managing quality, speed and flexibility. Today many businesses also lean towards growth by branching out into related areas or other industries, researching new products and services (quality), technological advances (speed) as a means to provide a vast range of merchandise and services ( ...